.

This is why UT trades at higher than mid price are a bullish sign, as it means there are more buyers than sellers at the auction - so the trend is therefore with the buyers and so if you see a stock have UT close and UT open at higher than mid price its a sign the stock might be going upwards.

Conversely if the UT trades are below mid price - its a sign there are more sellers than buyers.

Thank you very much for the explanation........Stops me scratching my head wondering what the letterings meant.

Still fascinates me when I identify more buys than sells.......Yet the price of the share goes down, and via versa?

Waiting for the FOGL share to pull back a little, then I will buy more........I have managed to average my share to £0.65 per share........Still working to get the average down further........Blinking hard work!

Gerponville18,

Proselenes gives a good, clear explanation, but if you want to know more re trades and codes, click on help at top right hand corner of this page and then go to the trades link.

regards Greek.

Looks like we are off the starting blocks.

Buyers starting to come back.........Must be because the "RIG" is getting nearer.

What will happen when the drill starts to turn?

Imo, the sp will drift once the spud has happened. About 10 days before TD (target depth), investors will then start to buy back in ready for the news.

FOGL have intimated they may RNS after each and every target zone, meaning 5 RNS with the last one being TD.

Not going to be a very clever strategy of waiting for TD, might be 4 RNS out before then with T1, T1 deep, Trigg and Trigg deep results, before that last one Three Bears and TD.

Going to catch lots of traders out here as they will never be able to predict when an RNS is coming.

Might be 5, might be 4, might be 3, could be 1 - nobody knows but the board have intimated there could be multiple updates as each and every target zone, if a strike, is company making in its own right and therefore price sensitive.


HARRYCAT - 01 Aug 2012 14:12 - 1106 of 1106
Imo, the sp will drift once the spud has happened. About 10 days before TD (target depth), investors will then start to buy back in ready for the news.

Got to agree with you Proselenes regarding the company intimating that they'l RNS each zone, can't see them holding back any news with just one or two RNS with there been five game changing prospective levels....

You are possibly correct, but so far, neither RKH, DES nor BOR have released any news before the drill had stopped and the samples were being sent away for analysis. I can't see any reason for FOGL to be any different and I can't see any reason for them to continue to issue RNS which will have no material effect on the sp. Of course, if they have difficulties and drilling is suspended for any reason then I can understand keeping investors informed.
Previously, lots of hype up to spud, followed by weeks of nothing when the sp has drifted down, followed by lots of hype leading up to TD and sp surge.

Harry, all previous wells were targeting a single main target. Other secondary targets were small, not company makers.

For FOGL there are 5 individual company makers in the 5 targets of the Loligo well.

Ultimately it is up to the board of directors how often they update. FOGL board have intimated up to 5 RNS (one for each target) as opposed to a single RNS.

Would like to see another strong closing UT trade after the auction today.

I agree with Harry on this as most of the drills by DES and RKH had dual targets when drilling, just look at drill 14/15-a Beverly, shone, Caspar then sea lion main Fan.

4 Prospects were drilled and only one RNS to confirm findings.

PRO makes it up as he goes along.

I said this morning should be a blue day, and it was :)


Proselenes - 01 Aug 2012 08:16 - 1097 of 1112
Interesting close yesterday and open today, we saw UT trades at higher than mid price.

Indicates potentially a buyer is now in the market and the seller is turning the tap off perhaps.

Might be a few strong blue days ahead now.

Harry, the spud RNS will be the giveaway.

If they say "a further update will be made when drilling operations are complete" then you can expect just 1 RNS at TD.

If they say "a further update will be made in due course" or words to that extent then get ready for a few RNS along the way.


Not too long to spudding now, and all will be revealed.

Rig is now circa 63 miles south west of the Loligo location and will arrive at the drill site in the early hours of tomorrow (Friday) morning.

Rig arrived at the Loligo drill site at 10pm UK time Thursday 2nd August evening.

http://www.marinetraffic.com/ais/default.aspx?mmsi=308243000&centerx=-57.75184&centery=-51.57723&zoom=10&type_color=9


The spud RNS is the key now - if it says "...drilling operations are expected to take between 45 to 60 days and a further update will be given when TD is reached and testing complete......." it will mean just one RNS is coming.

If the spud RNS says "............drilling operations are expected to take between 45 to 60 days..........." with no mention of next update, or it says further updates will be given as needed - then we are on for multiple RNS's throughout the drilling.

.

I should take a holiday.

Little reminder of the farm in partner (who farmed in recently to 25% of FOGL's of FOGL's northern SFB licenses and 12,5% of FOGL's southern SFB license areas). They are interested in both gas and oil, and likely will have been attracted to FOGL and Loligo due to the high chance of the upper targets, T1 and T1 deep being circa 12 TCF of recoverable gas (P50 basis). They are the perfect partner to develop a gas discovery, a gas/oil discovery or an oil discovery.


Edison SPA (majority owned by EDF)

15.2 billion cubic meters of available natural gas supply. Edison accounts for 19.60% of Italy’s demand for natural gas, 83 concessions and exploration permits in Italy and abroad, 3 natural gas storage centers, 1 LNG terminal, 49.8 billion cubic meters of hydrocarbon reserves.

Their brochure is well worth a read, PDF link below.

http://www.edison.it/media/brochure-edison-gas2012.pdf

.

Good news for sentiment and therefore FOGL possible if the numbers are like below :

Some big numbers in the Penguin News write up today, following the BOR meeting there earlier this week :

http://www.penguin-news.com

"..............Fluid analysis results from Darwin well (100 miles south east of
the Falklands) are expected near the end of August when the company
will be able to characterise the reservoir fluids and, “any nasties,”
that might impact on the programme, said Mr Obee.

He said the gas condensate should be simple to produce but as yet they
had only an estimate of recoverable reserves. This is thought to
be somewhere between 300 million and 760 million barrels.
He said near a market this would be highly valuable but, “as we are here it is more of a challenge,” adding, however, it was possible Darwin could be a ‘stand
alone’ prospect or other wells nearby might be tied in with it................"

Someone asked on LSE, so here is my "guesstimates".

Mud Line is a 1407m

Drill 42" down to 1486m (79 meters of 36" casing)

Drill 26" down to 2126m (640 meters of 20" casing)

Stop above T1 reservoir.

Install BOP.

Drill 17.5" down to 2926m (800 meters of 13.375" casing) This goes through T1 and T1 deep.

Stop above Trigg.

Drill 12.25" down to 4118m TD (going through Trigg, Trigg Deep and Three Bears).


They will have contingency smaller drills/casing in case of different pressure in the lower portion of the drill and can swap down to a smaller drill/casing size if needed.